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Golden Lane Housing (GLH) has raised investment to enable people with learning disabilities to build independent lives through three separate RCB bond issues. These issues – for £11m, £18m and £15m –were all oversubscribed following various meetings with institutional investors arranged by Allia C&C and strong backing from private investors, including supporters of GLH.

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About Golden Lane Housing

Golden Lane Housing works with people with a learning disability to provide supported housing around which they can build their lives. It was established as an independent registered charity by Mencap in 1998 to help tackle the immense challenges that people with a learning disability face in finding a home.

Today it is one of the UK’s leading housing associations for people with disabilities, providing specialist housing and management services to around 1,900 tenants.

https://www.glh.org.uk/

Bonds issued

The Golden Lane Housing Ltd 3.25% fixed rate Bonds due 2031 will pay a fixed rate of interest of 3.25% per annum, payable twice yearly on 22 January and 22 July of each year. The Bonds are expected to mature on 22 July 2031 with a final legal maturity on 22 July 2033.

London Stock Exchange listing

Bond details

Issue date:

22 July 2021

Expected maturity:

22 July 2031

Final legal maturity:

22 July 2033

Amount issued:

£15m

Coupon type:

Fixed

Coupon:

3.25%

Frequency:

Semi-annual

Payment dates:

22 January, 22 July

ISIN:

XS2357539522

SEDOL:

BNT2HQ2

LSE Ticker:

MCP3

Bloomberg ticker:

RCHBLN 3 1/4 07/22/31

Bond documents

The Golden Lane Housing Ltd 3.9% fixed rate Bonds due 2027 will pay a fixed rate of interest of 3.9% per annum, payable twice yearly on 23 May and 23 November of each year. The Bonds are expected to mature on 23 November 2027 with a final legal maturity on 23 November 2029.

London Stock Exchange listing

Bond details

Issue date:

23 November 2017

Expected maturity:

23 November 2027

Final legal maturity:

23 November 2029

Amount issued:

£18m

Coupon type:

Fixed

Coupon:

3.375%

Frequency:

Semi-annual

Payment dates:

23 May, 23 November

ISIN:

XS1713569629

SEDOL:

BF2DQ81

LSE Ticker:

MCP2

Bloomberg ticker:

RCHBLN 3.9 11/23/2027

Bond documents

The Golden Lane Housing Ltd 4.375% fixed rate Bonds due 2021 paid a fixed rate of interest of 4.375% per annum, payable twice yearly on 29 January and 29 July of each year. The RCB bonds matured on 29 July 2021.

Bond details

Issue date:

29 July 2014

Expected maturity:

29 July 2021

Final legal maturity:

29 July 2023

Amount issued:

£11m

Coupon type:

Fixed

Coupon:

4.375%

Frequency:

Semi-annual

Payment dates:

29 January, 29 July

ISIN:

XS1066485902

SEDOL:

BNBNQS8

LSE Ticker:

MCAP

Bloomberg ticker:

RCHBLN 4.375 07/29/2021

The role of Allia C&C

“The thing that attracted us to issuing bonds through RCB was that it was long-term debt and was listed on the London Stock Exchange, making it more attractive to investors,” says John Verge, Chief Executive of GLH. He recalls how Allia C&C’s expertise and reputation in the financial sector gave them greater access to interested investors.

“Its reputation really provided a route into these institutions, most of whom hadn’t heard of Golden Lane. We would go around with Allia C&C and have face to face conversations with investors, which proved a massive help” John explains.

John notes that, compared to previous issuances, the process was made much more simple by Allia C&C. John recalls a previous unlisted bond issue by GLH in 2003 when the team spent many man hours going out to investors one by one, eventually raising around £2m from 750 investors. By contrast, for each RCB issue Allia C&C arranged a short roadshow with each offer then closing early and oversubscribed in a matter of weeks.

Shared values

The efficiency provided by Allia C&C was invaluable, according to John. He also highlights the importance of shared values between GLH and Allia C&C, who both recognise the importance of investing with impact in mind.

This was part of the thinking when GLH decided to go with Allia C&C a few years ago. “We have always recognised the need for longer-term financial arrangements, but we need them to be the right arrangements,” John says. For example, GLH always want to have ownership of their units, meaning other equity partnerships were not suitable.

Through working with Allia C&C, GLH was able to address its funding need, allowing the organisation to spend more time thinking about how to meet demand from some of the most vulnerable people in society.

Real impact investing – Golden Lane Housing

  • 3

    separate RCB bonds to raise real impact investment

  • 1,900

    residents across 950 properties

  • 600

    new tenancies delivered over the past 3 years

Latest impact report

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Latest financial report

Trading Statement – 30 September 2023

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View all financial reports
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